The bill appropriates additional funds to the Office of the State Board of Education for fiscal years 2025 and 2026, including a total of $360,700 for various programs such as administration, IT and data management, and school safety. It also increases the full-time equivalent position authorization by one for the same period. A key focus of the bill is to transition to outcomes-based funding models for higher education institutions, including colleges and community colleges, with proposals and progress reports required to be submitted to the Joint Finance-Appropriations Committee by December 31, 2025.

Additionally, the bill mandates the Office of the State Board of Education to report on credit and transcript mobility, detailing the use of appropriated funds over the past five fiscal years. It includes provisions for reappropriating unspent funds from the American Rescue Plan for nonrecurring expenditures and establishes conditions and limitations on the appropriations made. The bill declares an emergency, making certain sections effective immediately upon passage, while others will take effect on July 1, 2025.